The market for millet feed in China has experienced significant fluctuations from 2014 to 2023. In 2023, the market stood at 652.0 thousand metric tons, reflecting a year-on-year decrease of 3.55%. The average decline over the past five years was at a -2.58% CAGR. Notably, from 2014 to 2023, the market saw sharp variations, such as the 29.26% decrease in 2016, followed by a 43.48% surge in 2017, with subsequent years showing a general downward trend.
Looking ahead to the forecast period from 2024 to 2028, the Chinese millet feed market is expected to continue its decline, with an average annual decrease of -3.43% CAGR, equating to a total reduction of around 16% by 2028.
Future trends to watch for:
- Impact of changing agricultural policies and subsidies on millet production.
- Shifts in animal husbandry practices and feed preferences.
- Innovations in millet feed formulations that might drive demand.
- Global market trends affecting China's import and export of millet feed.
- Environmental factors influencing millet crop yields.
